MoFo Reps ON Semiconductor In $366M Sanyo Deal

Law360, New York (July 15, 2010, 1:28 PM EDT) -- ON Semiconductor Corp. is buying Sanyo Electric Co. Ltd.'s semiconductor unit for $366 million in cash and stock in a deal the U.S. electronics company says will expand its presence in the Japanese market and broaden its product line.

Sanyo Electric, the parent of Sanyo Semiconductor Co. Ltd., is expected to receive about $129 million in cash and about $238 million worth of ON Semiconductor common stock in the deal, which has been approved by both companies' boards of directors.